Tag Archives: turbo tax

In October of 2008 I received notice from the IRS that a tax audit was being done on my 2006 tax year filing. After you get a notice like this from the IRS you then set up an appointment to see the tax examiner who will be handling your case. My appointment was scheduled for November at the Deerfield Beach IRS office in Florida and I was told which documents to bring for the auditor to look at. I had not reported my entire income on the Form 1040 and that is what had triggered the examination. I would not … Read more at 2008 Taxes.

The time has come and gone to file federal taxes and even if you haven’t yet filed with the IRS, it is still possible that backs taxes be filed for your benefit.

Obviously, it’s best to pay off IRS back taxes as quickly as you can. The current approach of the government is to allow each tax payer to file their returns voluntarily. However, this doesn’t mean that payment of those taxes isn’t mandatory. While participating in the voluntary filing of taxes, on time or otherwise, the tax payer has the option of applying a number of deductions and … Read more at 2008 Taxes.

Tax deductions are a great way to save money on regular purchases within certain categories. The standard deduction alone saved some 85 million American’s a little over 0.5 trillion dollars in 2009. But the real way to claim deductions is by filing a Schedule A along with your 1040 long form. Categories of deductions available on the Schedule A include Medical, Taxes, Charity, Education, Mortgage and Causalities.

Deductions for Medical Expenses: Medical expenses are deductible on your tax return once you clear a certain level of your income in expenses, 7.5%. For this reason it is a good ideal to … Read more at 2008 Taxes.

Preparing for tax season can be a challenging time for many people in the United States. The US tax code is extremely lengthy filled and with tons of small print. Since this is such an involved process many people today decide to have their taxes prepared by professionals. However, thanks to tax software programs like TurboTax they don’t have to spend extra money to have their taxes prepared correctly.

Using TurboTax’s software makes it easy for anyone to prepare their taxes themselves. This software will walk you step by step through … Read more at 2008 Taxes.

First Time Home Buyers Video from TurboTax

Great information from TurboTax about the First Time Home Buyers Tax Credit. This tax tips video tells of the expanded and extent tax credit that provides $8,000 to first time home buyers and $6,500 to long term home owners that are purchasing a new home before April 30th. Discover the fine points of the tax law including income limits, home qualifications, and ownership responsibilities after claiming the tax credit.

Five Tax Credits You Should Claim

If you are eligible for these five tax credits, you should claim them this year on your tax return. These credits will reduce the tax your owe directly and some can be refunded to you if you owe no taxes at all.

The Earned Income Tax Credit (EITC) is for lower income earners and considers the number of children that you have when calculating the tax credit. The tax credit is refundable and can give some low income workers up to $6,000 in refundable taxes well beyond what they have paid into the … Read more at 2008 Taxes.

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